Nashville, Tenn.-based Tenet Healthcare’s USPI platform has become a destination of choice, and CEO Saum Sutaria, MD, says the reasons go well beyond check size.
“USPI has a multiyear track record of acquiring assets and adding value to them, both clinically and operationally,” Dr. Sutaria said on an April 30 earnings call. “Our quality performance is consistent. Our ability to bring these facilities in-network and do well is consistent.”
USPI is the country’s largest operator of ASCs, with ownership interests in 533 ASCs and 26 surgical hospitals by the end of 2025. Tenet has undergone a decades-long pivot away from hospitals, as it sharpens its focus on high-acuity outpatient procedures and ASC mergers and acquisitions.
Dr. Sutaria outlined a value proposition for why ASC operators choose USPI over competitors, citing supply chain leverage that reduces costs immediately post-acquisition and a business development team that specializes in helping single-specialty centers expand into multispecialty operations. Dr. Sutaria also cited the operational expertise to run mixed ASCs,with the ability to conduct a diverse set of procedures in the same center efficiently and safely.
Health system partnerships add another layer. Relationships with organizations like Baylor Scott & White and Memorial Hermann contribute clinical expertise and quality improvement capabilities to the USPI platform, creating a partnership dynamic that smaller or purely financial acquirers can’t replicate, Dr. Sutaria said.
“As we do these things, we deliver on what we say we are going to do,” he said, adding that a strong execution track record generates referrals and inbound interest from new acquisition targets organically.
Additionally, Tenet isn’t chasing volume for its own sake.
“We still say no to more centers than we say yes to,” Dr. Sutaria said.
That selectivity has strengthened USPI’s reputation. USPI deployed $125 million on seven ASC acquisitions in the first quarter of 2026 alone, half of its $250 million annual target, suggesting the pipeline of sellers remains deep.
At the Becker’s 32nd Annual Meeting: The Business and Operations of ASCs, taking place October 29-31 in Chicago, ASC leaders, surgeons and healthcare executives will explore strategies to drive growth, enhance operational performance, navigate reimbursement challenges and prepare for the future of ambulatory surgery. Apply for complimentary registration now.